Citywire for Financial Professionals

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Monday Papers: US set to drop probe into silver price

Regulators failed to find enough evidence to support a legal case in a four-year investigation into the possible manipulation of the silver market.

 
Monday Papers: US set to drop probe into silver price

Top stories

  • Financial Times: A four-year investigation into the possible manipulation of the silver market looks increasingly likely to be dropped after US regulators failed to find enough evidence to support a legal case.
  • Financial Times: Wall Street banks are increasingly telling counterparties and borrowers to restructure contracts or find another bank as they prepare for the potential exit of a country from the eurozone.
  • Financial Times: Philippe Moryoussef, a trader at the centre of rate-manipulation allegations levelled at Barclays, communicated with counterparts at Rabobank, the Dutch bank, about trading positions related to Euribor, the Financial Times has learned.
  • The Daily Telegraph: Barclays is planning radical bonus reforms that could see staff having to wait until they retire to collect their awards.
  • Daily Mail: Royal Bank of Scotland is under investigation in the US over shortcomings in its money laundering controls.
  • Financial Times: Xstrata is set to report a sharp fall in first-half earnings, reigniting the debate around its valuation, as pressure on Glencore to improve its offer threatens the $60 billion merger between the miner and the commodities trader.
  • The Daily Telegraph: Amazon will overtake Wal-Mart as the world's biggest retailer by 2020 amid a fundamental shift in the world's shopping habits, according to Andy Bond, the former chief executive of Asda.
  • The Daily Telegraph: David Shearer, the chairman of crisis-hit Mouchel, stands to pocket a £400,000 bonus for his work in restructuring the support services group.

Business and economics

  • Financial Times: US regulators are coming under pressure to tighten standards for the complex computer systems that underpin trading after last week’s software glitch at Knight Capital, which hit nearly 150 stocks on the New York Stock Exchange.
  • The Daily Telegraph: Tensions within the eurozone over how to resolve the debt crisis are turning countries against each other and threatening to rip Europe apart, Italian Prime Minister Mario Monti has warned.
  • Financial Times: The market for European repurchase, or repo, transactions contracted by an estimated 14.2% year-on-year in the six months to 30 June.
  • The Guardian: Signing off the £1.4 billion Thameslink trains contract could slip into the autumn as German manufacturer Siemens attempts to finalise one of the most controversial government procurement deals of recent years.
  • Financial Times: A new pan-European stock exchange for entrepreneurs is being planned by NYSE Euronext to plug the gap in funding for small companies and help them raise money from investors more easily.
  • The Guardian: Fund manager Invesco, which owns 47% in JJB Sports, has reportedly lost patience with the business and wants to buy its outstanding debt from Lloyds Banking Group so that it is in a better position to make changes.
  • Financial Times: The involvement of a PwC expert in the political process of reforming European accounting law has prompted fresh concern about links between the biggest auditors and those who are supposed to regulate them.
  • Financial Times: There is unanimous agreement among US bank chiefs that their biggest threat is the fallout from the eurozone financial crisis.
  • The Guardian: Taylor Wimpey and London & Quadrant have been picked to build 11,000 new houses in a project worth £300 million.
  • Financial Times: Armajaro Asset Management, the $1.5 billion commodities hedge fund founded by commodities trader Anthony Ward, is launching a fund to invest in financial stocks on 1 October.
  • Daily Mail: Prism, the biggest sponsorship agency owned by advertising giant WPP, has said turnover for 2011 soared from £4.1 million to £17.5 million, bringing Prism back into the black with a pre-tax profit of £250,000, up from a loss of £800,000 in 2010.
  • The Guardian: Amazon.co.uk has said that sales of its Kindle ebooks are now outstripping those of printed books; for every 100 hardback and paperback book sold in UK, 114 ebooks are downloaded.
  • Daily Mail: Sterecycle, a British recycling firm, is to list in Toronto because of the Canadian economy’s strength in green energy businesses.
  • Financial Times: Worldspreads’ former directors and advisers could face litigation as administrators of the defunct spread betting group begin collating evidence in order to recover creditors’ money.
  • Daily Mail: Madison, a distributor of bicycle parts and accessories, is forecasting sales up 18% to £100 million for 2012.
  • Daily Mail: Mark Warner plots return to profit as losses are slashed from £2.5 million to £226,000.
  • Financial Times: Cornwall has the fastest broadband speeds of any rural region in Europe, according to BT, which under a £132 million project with the local council promises to connect 80% of homes and businesses to its new fibre optic network by 2015.
  • Daily Mail: Greggs the baker will on Tuesday reveal how ‘pastygate’ affected its business.

Share tips, comment and bids

  • The Daily Telegraph: Royal Bank of Scotland is facing potential bids for Citizens, its key US retail banking business, that could raise up to £10 billion.
  • Financial Times: International Airlines Group is considering the case for buying a minority stake in American Airlines to expand their commercial partnership and ensure the US carrier remains part of Oneworld, the global airline alliance.
  • Financial Times: A consortium of four firms - Blackstone Private Equity, General Atlantic, Ameritrade and Stifel Nicolas - was preparing on Sunday to pump $400 million into Knight Capital through a convertible share placement that will give them control of the broker.
  • Financial Times: A Qatari investment group has bought a 38% stake in Anya Hindmarch in a deal valuing the luxury handbag and accessories company’s equity at £70 million.
  • The Guardian (Comment): The eurozone crisis threatens liberal reform in eastern Europe.
  • The Guardian (Comment): The government's economic strategy has failed: now we need wage-led growth and an industrial strategy that can create better jobs.
  • The Daily Telegraph (Comment): Venetian cunning of Draghi-Monti masterplan may save euro for now.
  • The Daily Telegraph (Comment): What conditions could convince the euro elites that the euro was a failure and if they can imagine such conditions, then what stops them from concluding that they exist now?
  • Financial Times (Lex): Oakland v Goldman: the local government is taking on the bank, hoping to wriggle out of derivatives deals that cost the city dearly.
  • Financial Times (Lex): IAG: International Airlines Group appears to heading for a tipping-point as it struggles to overhaul Spain’s Iberia after its 2011 merger with BA.
  • Financial Times (Lex): Allianz/Axa: the largest German and French insurers are dealing with the eurozone crisis, but with entirely different approaches.

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